A credit card has an APR of 30.75%, and its billing cycle is 30 days long. What is the credit card's periodic interest rate?

Given:

APR or annual percentage rate = 32.47%

billing cycle: 30 days

Annual percentage rate means that it is the percentage rate for the year. Therefore, we need to determine if the correct number of days used will be 360 days or 365 days.

30 days * 12 months = 360 days.

Divide the APR by 360 days to get the periodic interest rate or daily periodic rate.

32.47% ÷ 360 days = 0.09%

The credit cards' periodic interest rate is 0.09%

Step-by-step explanation:

step-by-step explanation:

because 1/3 is a fraction. we can tell because there is a divisor symbol between the 1 and the 3. if we were to add 2 fractions together, we would add the numerators, which is the number on top, but not the denominators, which is the number on the bottom

1/3+1/3=2/3

hope this !